MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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F

Fixed Interest Rate

A loan or mortgage with an interest rate that will remain at a‚Ē¨√°predetermined rate for the entire term of the loan.

Fixed-Rate Loan

A loan with a set or fixed rate of interest. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan. Fixed-rate loans generally have repayment terms of 15, 20, or 30 years.

Forbearance

This is a method of postponing payments, for six months to one year, due to economic hardship. A forbearance period can be renewed annually for up to three years. Interest accrues regardless of whether the loan is subsidized or unsubsidized and is added to the loan balance at the end of the forbearance period, if not paid during this period.

Front-End Load

A commission paid on the purchase of a mutual fund.

Future Value

The amount that a sum of money will grow to in the future as a result of interest.

G

Goal

Statement about what a person wants to be, do, or have, accomplished by taking certain steps; provides direction to a plan of action.

Grace Period

The period of time, generally 20 to 25 days, from the billing date of your last credit card bill to the due date of your current bill, when you can pay in full without being charged interest. Some cards do not offer a grace period. Others only have a grace period if there was no outstanding balance on the account at the start of the billing cycle. Generally, there is no grace period for cash advances.

Grantor

The person who establishes a trust and transfers property to the trust.

Gross Pay

Your gross pay is the amount of money you are paid before any of it is taken from your paycheck for taxes and deductions.

H

Health Insurance

Insurance against loss by illness or bodily injury. It provides coverage for medicine, visits to the doctor or ER, hospital stays and other medical expenses. Policies differ in what they cover, the size of the deductible and/or co-payment, limits of coverage and the options for treatment available to the person.

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